Tesla continued its rebound Monday as Warren Buffett called CEO Elon Musk a "brilliant guy," and as the global EV giant is set to hold a ceremony at its new lithium refinery in Texas. TSLA shares advanced early.
During the annual shareholders meeting on Saturday for Berkshire Hathaway, Warren Buffett and his business partner Charlie Munger heaped praise on Tesla CEO Elon Musk.
Buffett said Musk was a "brilliant, brilliant guy," who has a way of dreaming about the future. Munger added Musk "likes taking on the impossible job and doing it."
"We're different. Warren and I are looking for the easy job," he said.
"He would not have achieved what he has in life if he hadn't tried for unreasonably extreme objectives," Munger said on Musk.
Tesla stock rose 1% to 171.79 in Monday's market trade. Meanwhile, TSLA held a groundbreaking ceremony at its Corpus Christi lithium refinery plant Monday.
Musk and Texas Gov. Greg Abbott spoke at the event, which comes about two months after Tesla broke ground on the $375 million lithium plant.
On Monday, Musk arrived in a Cybertruck and told the crowd that the refinery is expected to produce lithium for about 1 million vehicles. The Tesla CEO added the goal is to finish construction next year and then "hopefully" begin production a year later.
Tesla executives had previously said the plant should begin processing raw lithium by the end 0f 2023.
Tesla Stock
TSLA surged 5.5% to 170.06 Friday, snapping a four-week losing streak. Until Friday, Tesla stock was on pace for a fifth straight weekly loss, which would have been the longest loss streak since March, 2021.
The EV giant is set to retake its 21-day moving average, but is still below its 50-day and 200-day lines.
Tesla stock no longer has a base. If Tesla continues to rebound it could form a double-bottom base with a 207.89 buy point. By Tuesday, the 200-day line should be below that potential entry.
Tesla stock sits sixth in IBD's Auto Manufacturers industry group. TSLA has a 61 Composite Rating out of 99. The stock has also has a 20 Relative Strength Rating. The EPS Rating for Tesla stock is 93 out of 99.
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